The results announced by Nike fell short of expectations. The company said the performance of the Chinese market, sportswear business, and the Jordan brand were weak. The company's first fiscal quarter ended August 31, with sales of US$11.2 billion, lower than the consolidated average forecast. The company currently anticipates a high single-digit percentage decline in revenue for the current fiscal year. CEO Elliott Hill is entering his third year at Nike, and the pressure for the company to show signs of improving its business is increasing. Nike's stock price has fallen by more than 40% this year and is moving towards the fifth consecutive year of annual decline. In after-hours trading in New York on Thursday, Nike's stock price fell about 6% as of 4:18 p.m.
Zhitongcaijing · 1d ago
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The results announced by Nike fell short of expectations. The company said the performance of the Chinese market, sportswear business, and the Jordan brand were weak. The company's first fiscal quarter ended August 31, with sales of US$11.2 billion, lower than the consolidated average forecast. The company currently anticipates a high single-digit percentage decline in revenue for the current fiscal year. CEO Elliott Hill is entering his third year at Nike, and the pressure for the company to show signs of improving its business is increasing. Nike's stock price has fallen by more than 40% this year and is moving towards the fifth consecutive year of annual decline. In after-hours trading in New York on Thursday, Nike's stock price fell about 6% as of 4:18 p.m.
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